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Would you look at that beautiful rally. Kind of eery the similarities up to this point. There is even a head and shoulders pattern in there that ended up failing.
You are applying disinfecting sunlight to many issues
but I don't want to lose sight of the Macro issue
like the pizza guy sez.
Look at this, its interesting.
HERE IT IS..IN YOUR FACE...THE MASTER PLAN ALL ALONG....
If this Proposal is approved, there may be other effects on the stockholders, including the following:
Citadel may exercise significant influence over the Company and Citadel’s interests may conflict with the interests of other stockholders.
Citadel holds a majority of the outstanding notes in each series of the Company’s high-yield debt securities.
Following the Debt Exchange and Public Equity Offering, the Company estimates that the Common Stock owned by Citadel, together with the Common Stock issuable on conversion of the Debentures received by Citadel, will represent 49% of the Company’s Common Stock on a fully diluted basis, depending on the total amount of Notes tendered in the Debt Exchange.
This would most likely be sufficient to permit Citadel to elect a substantial number of directors and control or significantly impact corporate policy.
Citadel will be unable to accomplish these matters for so long as it is subject to certain rules of the OTS regarding rebuttal of control over thrifts and thrift holding companies.
If these rules change, or if Citadel receives a waiver or decides to become a thrift holding company, it will be in a position to elect a substantial number of directors and to control, or substantially impact, corporate policy.
Further, if Citadel acquires common shares representing more than 50% of the total voting power, holders of the Company’s debt=2 0securities would have the right to require the Company to repurchase all such securities for cash at a premium to their face amount.
COMMENT: IN COMMON PARLANCE...TAKE etfc PRIVATE FOR PENNIES OVER MARKET SHARE PRICE AT THE TIME. AND IT WILL WORK TOGETHR WITH THE LIKES OF COATOU (WITH A PRIVATE DEAL FOR COTOUE TO OWN PART OF CITADEL IN A SEPARATE DEAL.
In addition, Citadel is an independent entity with its own investors and is entitled to act in its own economic interest with respect to its equity and debt investments in E*TRADE.
COMMENT: WITH ITS OWN INVESTORS...WHO ARE THEY...INVESTORS LIKE COATOU
Any sales by Citadel of the Company’s Common Stock it received under the Investment Agreement, in the Public Equity Offering or upon conversion of the Debentures may have a depressing effect on the trading price of the Company’s Common Stock.
After the Debt Exchange, Citadel would own 71% of the Class A Debentures and 88% of the remaining outstanding 2017 Notes.
COMMENT: IT'S IN YOUR FACE, BECAUSE NASDAQ FORCES LATON'S HAND...HE MUST TELL THE PUBLIC.
Citadel has a right to declare defaults and enforce remedies just like any other lender for so long as Citadel retains 25% or more of the applicable series of high-yield debt securities
"toxic liquidity"....paging Mary Schiparo, Mr. Schumer,
(oh what the hell for laughs) Barney Frank, Chris Dodd....ok, how about this....ANY POLITICIAN....
will the people's rep...please stand up, please stand up, please stand up.....
Is Cash for Clunkers the first green shoot of from the Moral hazard seeds that were sown during the past 15 months?
ITG is clearly a solid shop. They read the work, they respond it. ZH posts it.
That is the way it should be. Kudos to all.
That new catch phrase is getting around...toxic order flow/toxic liquidity!
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my thoughts exactly
Ok. Now we are getting somewhere. Let's expand on that topic of "toxic liquidity" and the need for "anti-gaming" software.
The can of worms is officially ripped wide open .
TD when are you going to tackle Indications of Interest ? I'm not sure ITG will be deserving all the mad props being heaped on them.
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